VANCOUVER, Jan. 22, 2018
/CNW/ - Hannan Metals Limited ("Hannan" or the "Company")
(TSX.V: HAN) (OTCPK: HANNF) is pleased to announce that seven
new anomalous areas have been identified by an extensive soil
geochemical survey covering greater than 200km2
surrounding the 100%-owned Kilbricken zinc-lead-silver deposit in
County Clare, Ireland. The
Kilbricken deposit forms a strong geochemical signature at surface
and the geochemical surveys were undertaken to search for new
anomalies in a similar geological setting to that of Kilbricken. In
combination with other geological data, these new anomalous soil
areas are considered immediate high priority drill
targets.
Key Points:
- A 12km by 2km long north-west trending multi-element
geochemical anomaly has been discovered. Within this trend there
are four Kilbricken-sized multi-point anomalies (see Figure 1,
anomalies 1 to 4) which have never been drill tested, including a
southerly extension to the Ballyhickey historic mine;
- Outside the main 12km trend a further three geochemical (Figure
1, anomalies 5 to 7) have been identified;
- Multi-element soil sample coverage above and surrounding the
Kilbricken zinc deposit now extends over more than 200
km2;
- All seven main anomalies defined are drill targets. As
geochemical anomalies may not be located directly above potential
mineralization due to dispersion along structural breaks, the
geochemical data will be used in conjunction with gravity data and
the recently completed 2D seismic data to better locate drill
holes;
- A total of 961 samples have been collected to date. Further
soil sampling on Hannan's County
Clare project to infill and extend anomalies is
continuing.
Mr. Michael Hudson, CEO and
Chairman, states: "Our double-pronged exploration strategy in
Ireland is now taking
shape. At the prospect scale, Hannan's previous 6 months of
drilling near Kilbricken has successfully expanded the mineralized
footprint outside the resource area. At a regional scale, this
newly acquired regional soil data, in combination with the recently
completed 42km 2D seismic survey, provides the excellent
opportunity for additional discoveries. The soil survey
clearly demonstrates the zinc-lead prospectivity of Hannan's
extensive landholding of 35,444 Ha, with seven Kilbricken-sized
multi-point anomalies located in prospective geological
settings."
Geochemical sampling grids at Hannan's Clare County project now
cover >200 km2 with a soil sample spacing of
500m x 250m. Over the Kilbricken prospect a 30
km2 area was covered with a denser grid with
250m x 250m spaced samples. Recent sampling by Hannan
now comprises a total of 961 samples which together with 1,633
samples collected by Lundin Mining totals 2,594 samples (Figure 1).
The sampled area is covered by a thin veneer of glacial till
derived from limestone and karstified bedrock.
Technical Background
Analytical samples were transported by Hannan personnel from
site to the ALS Loughrea located at Dublin Road, Loughrea,
County Galway, Ireland. At the
laboratory samples are dried, sieved to 180 um fraction, digested
in aqua regia, and analyzed by the multi-element ICP-MS method
ME-MS41. The QA/QC program of Hannan consists of the systematic
collection of field duplicates and insertion of blanks at the start
of each batch. In addition, ALS inserts blanks and standards into
the analytical process.
About Hannan Metals Limited (TSX.V:HAN) (OTCPK: HANNF)
Hannan Metals Limited has 100% ownership of the County
Clare Zn-Pb-Ag-Cu project in Ireland, which consists of 9 prospecting
licences for 35,444 hectares. Zinc remains in tight supply amidst
rising demand and stagnant supply. Ireland is a leading global jurisdiction for
zinc mining and exploration. In 2015, Ireland was the world's 10th largest zinc
producing nation with 230,000 tonnes produced.
The maiden mineral resource, dated July 10, 2017, immediately ranked Kilbricken as
one of the top ten base metal deposits discovered in Ireland by tonnes and grade. Total indicated
mineral resources were calculated as 2.7 million tonnes at 8.8%
zinc equivalent ("ZnEq"), including 1.4 million tonnes at 10.8%
Zneq and total inferred mineral resources of 1.7 million tonnes at
8.2% ZnEq, including 0.6 million tonnes at 10.4% ZnEq.
Over the last decade, the team behind Hannan has forged a long
and successful record of financing and discovering mineral projects
in Europe. Additionally, the team holds extensive zinc
experience, gained from the world's largest integrated zinc
producer of the time, Pasminco Ltd.
Mr. Michael Hudson FAusIMM, Hannan's Chairman and CEO, a
Qualified Person as defined in National Instrument 43-101, has
reviewed and approved the technical disclosure contained in this
news release.
NI 43-101 Technical Report:
On August 22, 2017, Hannan filed
an independent National Instrument 43-101 Technical Report (the "NI
43-101 Technical Report") on The Mineral Resource Estimate for the
Kilbricken Zinc-Silver-Lead-Copper Project Co. Clare, Ireland For Hannan Metals Ltd in
support of the Company's news release dated July 10, 2017. The NI 43-101 Technical Report was
authored by Mr. Geoff Reed of Reed
Leyton Consultants and Dr. John
Colthurst who are independent "qualified persons" as defined
by National Instrument 43-101. The NI 43-101 Technical Report may
be found under the Company's profile on SEDAR
at www.sedar.com and on the Company's website
at www.hannanmetals.com.
On behalf of the Board,
"Michael
Hudson"
Michael Hudson, Chairman &
CEO
Forward Looking Statements
Certain information set forth in this news release contains
"forward-looking statements", and "forward- looking information"
under applicable securities laws. Except for statements of
historical fact, certain information contained herein constitutes
forward-looking statements, which include the Company's
expectations regarding future performance based on current results,
expected cash costs based on the Company's current internal
expectations, estimates, projections, assumptions and beliefs,
which may prove to be incorrect. These statements are not
guarantees of future performance and undue reliance should not be
placed on them. Such forward-looking statements necessarily involve
known and unknown risks and uncertainties, which may cause the
Company's actual performance and financial results in future
periods to differ materially from any projects of future
performance or results expressed or implied by such forward-looking
statement. These risks and uncertainties include, but are not
limited to: The Company's expectations regarding the current and
future drill program, liabilities inherent in mine development and
production, geological risks, the financial markets generally, and
the ability of the Company to raise additional capital to fund
future operations. There can be no assurance that forward-looking
statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
statements. The Company undertakes no obligation to update
forward-looking statements if circumstances or management's
estimates or opinions should change except as required by
applicable securities laws. The reader is cautioned not to place
undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
SOURCE Hannan Metals Ltd.